ABSTRACT
At the end of the First World War the spiritual tradition of liberalism was all but dead. Their public pronouncements sometimes led the general public to believe that a return to a liberal economy was the ultimate goal desired by the majority of leading men. But the intellectual forces then at work had begun to point in quite a different direction. The main body of liberal thought has been safeguarded through that eclipse in the intellectual history of liberalism which lasted throughout the fifteen or twenty years following the First World War; indeed, during that very period the foundations were laid for a new development.
